As a long-term crypto investor with experience in Terra Luna Classic, I find the recent allegations against Karak Network and the missing 200 million USTC concerning. The community’s efforts to remove the stolen assets from circulation are commendable, but it’s important to remember that these are just allegations at this point.
News from Terra Luna Classic: Members of the Terra Luna Classic community are demanding 200 million USTC, which is approximately equal to $500 million at current prices, from Coinbase and Pantera Capital’s Karak Network. They allege that one of Karak’s co-founders, Raouf Ben-Har, has embezzled the crypto asset worth millions.
As a crypto investor, I’ve noticed that the Terra community has taken active steps to eliminate approximately 93 million LUNC and 87 million USTC tokens from the circulating supply in the Terra Shuttle Bridge (BSC) contract. This reduction in token availability could potentially lead to an increase in demand for these coins, depending on various market conditions and investor sentiment.
Terra Luna Classic Seeks 200 Million USTC
The developer of Terra Luna Classic, RedlineDrifter, has sparked renewed interest in the community about the unexplained disappearance of 200 million USTC (TerraUSD Classic). He claims that Karak Network, which reportedly received backing from both Coinbase and Pantera Capital, has yet to return $8 million worth of USTC that is owed to the community.
Raouf Ben-Har, a co-founder of Karak Network, was called out by RedlineDrifter for failing to account for certain crypto assets during his tenure with Risk Harbor. It’s important to note that the Risk Harbor team has since rebranded and is now known as Andalusia Labs. The Terra Luna Classic community has raised allegations, suggesting that the Risk Harbor team utilized an administrative function to transfer approximately 200 million UST (now USTC) from the platform.
As a researcher investigating the BNB Chain X community, I recently came across the active spaces featuring Karak Network, Lista DAO, and Listapie. In these forums, a community member raised an inquiry regarding the disappearance of approximately 200 million USTC from the circulating supply. It’s important to note that the Terra Luna Classic community has taken action by burning around 800 million USTC, consequently reducing its total circulating supply.
“No user funds were ever touched. Foundation sold UST that the Terra Foundation minted and provided (which eventually dissolved) for pennies on the dollar after riding it down to 0, which will carry forward to Karak. Simple as that.” said Victor Cheng, CSO at Karak Network.
USTC and LUNC Prices Performance
As a researcher studying the cryptocurrency market, I’ve observed that USTC is currently trading at a price of $0.01808, representing a 1% decrease over the past 24 hours. The lowest and highest prices within this timeframe were recorded as $0.01803 and $0.01842, respectively. It’s important to note that trading volume has decreased by approximately 32%, signaling a potential decline in trader interest.
I’ve observed a 1% increase in LUNC price over the past 24 hours, with the current value sitting at $0.00008329. The price range for this period was between $0.00008159 (low) and $0.00008396 (high). Notably, trading volume has decreased by 23% within the same timeframe.
After the Binance LUNC burn and Tax2Gas rollout in July, there is widespread belief among community members that prices will experience a substantial rebound.
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2024-06-28 19:32